All articles tagged with #paramount global
Skydance Media has announced its senior leadership team ahead of its merger with Paramount Global, with key executives overseeing various divisions such as film, TV, and streaming, under the leadership of David Ellison who will become CEO and chairman of Paramount after the deal closes.
Paramount Global Co-CEO Chris McCarthy is set to leave the company following the FCC's approval of the Skydance Media merger, with the deal expected to close soon. McCarthy, who oversaw Showtime, MTV Entertainment, and Paramount Media Networks, will depart as part of the leadership restructuring post-merger, which will see David Ellison of Skydance become CEO of the new entity, Paramount Skydance Corp. The future leadership of Paramount's streaming division remains uncertain.
CBS News' John Dickerson critically addressed the settlement between Paramount Global and Donald Trump, questioning whether paying millions undermines the ability to hold power accountable and whether it damages public trust in journalism.
President Trump and Paramount Global are engaged in active settlement negotiations over a lawsuit he filed regarding a '60 Minutes' interview with Kamala Harris, which Trump claims was heavily tampered with to influence the 2024 election. The parties are currently mediating, with Paramount having previously offered $15 million to settle the case, and the lawsuit also involves ongoing regulatory review by the FCC.
Shari Redstone, controlling shareholder of Paramount Global, announced she was diagnosed with thyroid cancer this spring and underwent surgery, while also managing a legal battle involving a lawsuit filed by President Trump against CBS, her media division.
Paramount Global reported a mixed financial performance for Q3, with a 6% decline in overall revenue to $6.73 billion, despite adding 3.5 million subscribers to its streaming service Paramount+. The direct-to-consumer segment saw a 10% revenue increase, contributing to a $49 million profit, while TV and film revenues fell. Paramount is undergoing significant changes, including a merger with Skydance Media and cost-cutting measures aimed at saving $500 million annually. The company is also dealing with challenges in its traditional TV segment due to declining cable network values.
Fund manager Mario Gabelli, a major Paramount Global shareholder, is seeking detailed records of the $2.4 billion Skydance-Paramount deal to understand the payout to Shari Redstone and its implications for other shareholders. Gabelli is concerned about the fairness of the terms, which require Class A shareholders to tender their shares for $23 each or exchange them for Class B non-voting stock. While he has no immediate plans to sue, he emphasizes the need for transparency before making any decisions.
Paramount Global shares fell nearly 5% after the company's annual meeting, where executives announced a $500 million cost-cutting plan and the search for a strategic partner for its streaming service, Paramount+. Hopes for a merger with Skydance Media dimmed as controlling shareholder Shari Redstone appeared to waver on the deal, considering other offers. The company's direct-to-consumer business, including Paramount+, is expected to lose $1.3 billion in 2024, prompting the need for a turnaround plan.
Paramount Global has delayed its employee town hall to June 25 to address ongoing merger speculation with Skydance. CEOs George Cheeks, Chris McCarthy, and Brian Robbins aim to provide more transparency following a shareholder meeting that focused on cost-cutting and streaming revenue strategies. The delay comes as controlling shareholder Shari Redstone considers a revised $4.75 billion merger offer from Skydance, which has affected Paramount's stock value.
Paramount Global's CEO trio highlighted their 14 billion-dollar franchises and strategic plans to cut costs and explore streaming joint ventures during a stockholders meeting, amid a potential merger with Skydance. They emphasized their successful content strategy and the importance of streaming, while showcasing their ability to manage the entertainment conglomerate effectively.
Hollywood and Paramount Global employees await Shari Redstone's decision on a $2 billion deal with Skydance, which would see David Ellison's group take control of Paramount. Despite the benefits, including debt reduction and a premium for shareholders, Redstone hesitates, considering a rival bid or potentially doing nothing.
During Paramount Global's annual shareholder meeting, non-executive chair Shari Redstone promoted the potential of the new three-member Office of the CEO, consisting of George Cheeks, Chris McCarthy, and Brian Robbins. Redstone emphasized cost reduction, debt decrease, and continued investment in content as key objectives. The meeting also briefly touched on a pending merger proposal by Skydance Media.
Paramount Global's new co-CEOs will present their strategic vision to shareholders amid ongoing merger discussions with Skydance Media. The meeting will be the first public address by the leadership trio since former CEO Bob Bakish's departure. Paramount is also considering a rival offer from Sony Pictures and Apollo Global Management. The potential $4.75 billion all-stock deal with Skydance includes a $1.5 billion capital infusion and a $2 billion acquisition of National Amusements, which would give Skydance CEO David Ellison voting control over Paramount.
Paramount Global's board has agreed on merger terms with Skydance Media, but the deal awaits approval from Shari Redstone, who controls 77% of Paramount's voting shares. If approved, it would end the Redstone family's control over the company. The deal would see Skydance and its partners acquiring Paramount shares and paying $1.5 billion to reduce Paramount's debt.
Skydance Media has submitted a revised bid for Paramount Global, reallocating more funds to nonvoting Class B shareholders and offering more upfront cash. The deal, if approved, would end the Redstone family's control over Paramount, CBS, and Viacom, and value Skydance at around $5 billion.